According to the Russian Analytical Credit Rating Agency (ACRA), the high volatility of cryptocurrencies can potentially create risks for the country’s financial stability, but these are balanced by the high concentration of ownership of the digital assets.
According to Russian media, the alleged BTC-e mastermind Alexander Vinnik has confessed to charges of fraud and money laundering on May 24, 2018. Reports reveal a signed document details that Vinnik admits to committing financial fraud between 2011-2017 through the now-defunct BTC-e cryptocurrency exchange.
A draft bill aimed at protecting the rights of cryptocurrency owners while also regulating them in line with Russian laws was introduced to parliament in March with the biggest expectation being the legalization of cryptocurrency payments. However, as local media outlets report, the expectation of making digital currencies legal may.
Telegram founder and CEO, Pavel Durov, has announced that he recently started issuing bitcoin grants to individuals and companies that ran socks5 proxies and VPNs, and that he plans to donate millions of dollars this year alone in order to fund such technologies which circumvent government bans on his Telegram.
The Russian government has prepared a memo on the law “On digital financial assets” that states the “exchange of cryptocurrencies for fiat money to the amount of 600,000 rubles (around $10,000) and more has to be subject to mandatory currency control,” Russian publication Izvestiya reports.
Moscow court ordered Telegram messenger app to be blocked in Russia after failing to give the country’s Secret Service (FSB) decryption keys to access users’ messages. Telegram argues this would violate users’ privacy and that the codes constantly change.
Russia’s Ministry of Telecom and Mass Communications (MinComSvyaz) has prepared guidelines for Initial Coin Offerings (ICOs). The document, however, has already become target for heavy criticism.
Russia’s parliament members Anatoly Aksakov, Igor Divinski, and Oleg Nikolaev, as well as senator Nikolai Zhuravlev have presented a bill on digital financial assets that defines cryptocurrencies and tokens as property while banning their usage as means of payment.